Hi,
I recieved first payment from client in my personal bank account becuause the bank as I open business account they take long time to activate the business account so i used my personal instead for the first recieved ( I'm Subcontractors ).
say I receieved £3000 and
do i need to put £3000 in Business bank accouont ?
the way I do are :
I record receive money : Money to be in the bank
paid out :director loan £1500 ( paid out from Account money to be in the bank )
General transaction : deposit from Money to be in bank to petty cash £1000
and the rest of money just put in the Cheque account.
I just concern about the business received £3000 but money show in bank account only £500
Thank you,
Mukthirin
Hi Mukthirin,
You should not need to use the 'Money To Be Banked' account.
Instead, to record the customer payment create a Money Received transaction with the Deposit Into Account field set to 'Directors Loan'. Later, when you transfer the money from your personal account to the business bank account, create a General Transaction from the Directors Loan account to the Cheque Account.
Regards,
Thank you very much,